Hanover Direct Inc. said it won’t be able to file its annual report (form 10-K) on or its quarterly reports (forms 10-Q) for the quarters ended Sept.25, 2004 and March 26, 2005 because the audit of its 2004 fiscal year end financial statements hasn’t yet been completed.
The cataloger noted it is continuing to work closely with its accounting firm KPMG LLP to complete these reports and undergo its respective review and audit.
Management of the Weehawken, NJ firm predicted this work will ” be completed in short order.”
Wayne P. Garten, CEO was appointed acting chief financial officer until the board of directors appoints a new CFO, following the resignation of Charles E. Blue the former CFO (Direct Newsline, March 15). Blue’s resignation effective March 8 came less than one month after Hanover’s Feb. 16 delisting from the American Stock Exchange for failure to file Form 10-Q for the period ending Sept. 24, 2004 and for incurring net losses for the fiscal years ending in December 1999 through 2003, according to the Securities and Exchange Commission.
The amount of net losses claimed by the SEC’s delisting order are as follows: $16.3 million for 1999; $80.8 million, 2000; $5.8 million, 2001; $9.1 million, 2002; and $15.3 million for the fiscal year ending December 2003.
At that time, the company said it was completing its financial statements and Form 10-Q for its most recent fiscal year that ended Dec. 25, 2004.
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